Highlights
First Quarter total operating revenues of $247.0 million, a decrease of $12.4 million or 5% compared to the fourth quarter of 2025
First Quarter net loss of $29.0 million compared to net loss of $1.0 million in the fourth quarter of 2025
First Quarter Adjusted EBITDA of $88.5 million, a decrease of $16.7 million or 16% compared to the fourth quarter of 2025
Completed the acquisition of five premium jack-up rigs from Noble Corporation in January 2026 for a total purchase price of $360 million
Entered into agreements to acquire five premium jack-up rigs via new 50/50 joint venture for a total purchase price of $287 million
Subsequent to quarter-end, completed an offering of $300 million aggregate principal amount of senior unsecured convertible notes due 2033, with proceeds primarily used to repurchase existing convertible bonds due 2028
Year-to-date 2026, the Company has been awarded 13 contract commitments, representing more than 2,250 days and $274 million of Dayrate Equivalent Backlog. In addition, the Company recognized contract commitments of a further 772 days upon completing its acquisition from Noble Corporation.
Chief Executive Officer Bruno Morand commented:
"Our operational performance in the first quarter of 2026 resulted in technical utilization of 99.4% and economic utilization of 97.0%. Revenue for the period was $247.0 million, while first-quarter Adjusted EBITDA was $88.5 million, primarily impacted by the late contract start-up of the Odin, in addition to a credit loss provision ...
